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How to Get a Mutual Fund License
Mutual funds are a regulated securities investment monitored by the Securities Exchange Commission. Those who solicit and sell mutual funds must have at least a Financial Industry Regulatory Authority (FINRA) Series 6 license, which demonstrates an understanding of the economic markets, how mutual funds function and financial sales ethics. There are other licenses, such as the Series 7 or Series 65 that allow for the sale of mutual funds, but the minimum requirement is the Series 6, which is a Limited Registered Representative.
Get hired at a firm that is registered with the Securities Exchange Commission as a member firm capable of sponsoring you.
Request a package from your supervisor or human resources about obtaining a Series 6 license. You may also wish to review the requirements for the license at FINRA.org. The package should include a U5 background history, fingerprinting and exam registration.
Fill out the U5 form completely. There should be no gaps in your previous 10 years of employment history, education or residence. Times of unemployment should be designated as such to complete the time line.
Get your fingerprint card completed at a police station or notary public office. Every registered representative must have fingerprints maintained on the FINRA database.
Submit the U5 and fingerprint card with the filled-out registration form for the Series 6 exam. Request the study materials for the exam or register for a class.
Take the Series 6 exam and pass it with a 70% or higher. The Series 6 consists of 100 multiple choice questions that must be completed within 135 minutes.
Register for the FINRA Series 63 exam, which demonstrates an understanding of state and federal securities regulations. You will need this to obtain state registration.
Pass the Series 63 with a 70% or higher. This is an exam with 60 multiple choice question, which must be completed within 75 minutes.
Pay the registration fees through your brokerage firm for the states in which you wish to solicit and sell mutual funds.
Those wishing to sell variable annuities will also need to pass the state insurance commissioner's life and disability agent license test. Contact your state commissioner's office for details.
- Those wishing to sell variable annuities will also need to pass the state insurance commissioner's life and disability agent license test. Contact your state commissioner's office for details.
With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.